Closed-End Funds Announce Repurchase Offer Schedule.MINNEAPOLIS--(BUSINESS WIRE)--Oct. 1, 1999-- First American First American may refer to:
Bromsulphalein, a dye used in the study of liver function. See also sulfobromophthalein clearance test. and CSP (1) (Certified Systems Professional) An earlier award for successful completion of an ICCP examination in systems development. See ICCP. (2) (Commerce Service P , respectively) and American Select Portfolio (SLA (1) (StereoLithography Apparatus) See 3D printing. (2) (Service Level Agreement) A contract between the provider and the user that specifies the level of service expected during its term. ) will each offer to repurchase up to 10% of outstanding shares. For the period from July 8 to September 30, 1999, fund shares traded at the following average discounts to net asset value: ASP -7.40%, BSP -7.44%, CSP -5.93% and SLA -7.57%. These repurchase offers will be made at net asset value. Repurchase Offer Information If shareholders of each fund collectively submit less than the 10% limit, all submitted shares will be repurchased. If shareholders submit more than the limit, repurchases generally will be made on a pro-rata basis. The repurchase program is voluntary. Current shareholders may elect not to submit their shares or to submit only a portion of their shares for repurchase. -0-
The steps for the repurchase offers will fall on or about the
following dates:
First-class mailing of repurchase offers..........November 1, 1999
Repurchase request deadline.......................November 29, 1999
(5:00 p.m. CT)
Repurchase price determined.......................December 6, 1999
(at the close of the
New York Stock Exchange)
Proceeds paid by the funds........................December 10, 1999
Current shareholders whose shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee should contact that firm to submit their shares for repurchase. Current shareholders whose shares are registered in their own name should complete the Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. contained in their repurchase offer mailing. For more information, please contact First American Investor Services at 1-800-637-2548. Based in Minneapolis, First American Asset Management, a division of U.S. Bank National Association, provides investment management services to 38 open-end funds Open-End Fund A mutual fund that continues to sell shares to investors, and will buy back shares when investors wish to sell. Notes: Open-end funds have no limit to the number of shares they can issue. The majority of mutual funds are open end. and 11 closed-end funds Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. , as well as to individuals and institutions, including corporations, foundations, pensions and retirement plans. First American Asset Management manages more than $83 billion in total assets. |
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